Benefits and Me – July 2022

4 Tips for Maximizing Your HSA

Health savings accounts (HSAs) are an excellent tool for managing your out-of-pocket health care expenses. Consider these four strategies to make sure you are getting the most out of your HSA account.

• Contribute as much as you can. In 2022, the individual limit is $3,650, while the family limit is $7,300. The limits will increase in 2023 to $3,850 and $7,750, respectively.
• Use over-the-counter (OTC) drugs if at all feasible. HSA funds can be used for OTC drugs, so choose a generic drug over a brand-name OTC drug to help create greater cost savings.
• Only visit the emergency room in an emergency, and opt for in-network care. Your doctor’s office and the urgent care center are appropriate places to treat non-life threatening conditions – and they are more cost-effective. Maximize your HSA funds by avoiding out-of-network care that typically results in higher out-of-pocket costs.
• Beware of medical billing errors. Medical billing errors can cost patients thousands of dollars, so reviewing charges is essential. Always check your bill for accuracy and ask for an itemized statement.

These choices can help preserve money in your HSA for years to come. Contact HR if you have questions about your HSA account or contribution limits.

Understanding Commuter Benefits

Commuter benefits help cover work transportation-related costs and are provided tax-free. Commuter benefits vary by workplace, but here are some typically covered expenses:

• Qualified parking is parking provided at or near your workplace. It also includes parking at or near the location you commute to work using mass transit, commuter highway vehicles or carpools. It doesn’t include parking at or near your home.
• Transit passes include passes, tokens, fare cards, vouchers or similar items that allow you to ride free or at a reduced rate on mass transit.
• Vanpooling is transportation between your residence and place of employment in a commuter highway vehicle that seats at least seven adults (including the driver).

You typically enroll in commuter benefits just like other benefits, so talk to your HR representative to learn more about your available options.

What Is a Disease Management Program?

If you have a chronic medical condition such as diabetes, asthma or arthritis, you know that keeping up with regular treatment and care can be time-consuming and costly. However, the downfalls of not maintaining your treatment can be far worse, leading to health complications and accelerating the disease.

A disease management program can help you or your family members with chronic diseases better manage their conditions. The program strives to improve daily life, prevent future health issues or reduce symptoms. This can be achieved by:

• Complying with medication regimens
• Seeing a doctor regularly
• Seeking additional or alternative treatments
• Implementing lifestyle changes

Keep in mind that your health information is confidential in a disease management program, and your employer doesn’t have access to it.